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Amsterdam hosts IP auction
26 June 2008
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Ocean Tomo hosted Europe's second-ever live IP auction
at the IP Business Congress in Amsterdam
today.
Sellers placed 65 lots from a variety of fields including communications, semi-conductors and other IP-related fields, raising over 7 million euros.
Over the past two years, Ocean Tomo has transacted more than US$ 70 million at IP auctions across Europe and the US, while setting the record for highest selling price for a single patent at a multi-lot live IP auction at US$ 4,895,550.
"IP is an interesting asset, but it still does not have a specific line on a company's balance sheet," said Andrew T. Ramer, Managing Director of Transaction's Practice at Ocean Tomo and President of Ocean Tomo Auctions in Chicago.
"The value of a company used to consist of 80% tangible and 20% intangible assets, which is now being reversed."
According to IAM magazine Editor Joff Wild, the auctions also "create publicity around intellectual property in general. People can understand how auctions work, so this is a practical presentation of what IP is really worth."
Ramer notes that with more than 400 high-level company executives present during the auction, the message reaches all the way into the board room.
"Many people are realizing that you can sell your patents and because of this they are becoming more proactive rather than reactive about it. Many companies are changing their IP departments from cost centres into profit centres," he said.
The evidence is clear: Out of all respondents in the Economist Intelligence Unit survey, a total of 53% said that developing a formal strategy and organization with dedicated staff for intellectual asset management is a priority for managing IP in the near future.
The auction was held as part of the two-day IP Business Summit in Amsterdam on 25 and 26 June. Speakers at the event included EPO Controller Ciarán McGinley who put forward his views on backlogs, quality and harmonisation in a panel discussion on "the regulatory environment".
Further information
- Innovation and the economy: IP up for auction
- IP Business Congress website